Nasdaq movement shows a 97.5% correlation with global liquidity. Liquidity expansion compresses discount rates and risk premia, disproportionately boosting long-duration, high-valuation technology stocks and helping explain perceptions of overvaluation. Equity prices, however, remain a function of expected future cash flows and discount rates: liquidity mainly alters the discount rate, monetary policy can materially shift that rate, but corporate cash flows, earnings realization and industry networks determine whether elevated valuations are sustainable.(金十数据)